Friday 29 Mar 2024
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KUALA LUMPUR (Aug 28): The FBM KLCI rose 17.13 points or 1.1% as Asian shares gained after the US said its economy grew faster compared to earlier estimates.

Reuters reported that data on Thursday showed that the US economy grew 3.7% in the second quarter — much faster than the previous estimate of 2.3%. The latest data had contributed to overnight US share gains.

Today, Malaysia's KLCI was traded at 1,618.83 points at 9.17am. Across Asia, Japan's Nikkei 225 rose 2.38% while South Korea's Kospi climbed 1.25%.

In Malaysia, analysts said sustainability of local share gains hinged on crude oil prices and the ringgit.

"While stocks should rise further to mirror a V-bottom rebound, a sustained recovery in buying momentum will need to be backed by further evidence of improvement in the local currency and oil prices," TA Securities Holdings Bhd wrote in a note today.

The ringgit strengthened to 4.2090 against the US dollar after crude oil prices jumped some 10% overnight. The ringgit's strength correlates with prices of crude oil, which forms a crucial portion of the Malaysian economy and government revenue.

Bursa Malaysia saw some 299 million shares worth RM173 million changed hands. There were 358 gainers versus 83 decliners.

The top gainer was Petronas Gas Bhd while Time Dotcom Bhd led decliners. The most-active stock was AirAsia Bhd.

 

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